Bitcoin - Is the correction over - Part 2
While we have enjoyed an uptrend with higher-highs and higher-lows since May 21, that trend is now over with the printing of a Lower-High, and as we will see below, I think there is another dip lower pending.
Using the 1HR Chart for some finer detail, we can see the spike up from the 30k low was a three wave movement, confirming that the trend is still down, while we can count a completed 5-wave impulse down from the point I have labeled '2', market the completion of this wave '3' with the height of the next rally '4' ... projecting a lower '5' to come.
On top of this, the bullish iH&S I noted in the last post has evaporated and been replaced by a bearish iH&S pattern that is much closer to completion, and could lend momentum the impulse toward the low at '5'.
Thirdly, the upward channel that has contained price has not been broken to the downside, projecting weakness.
Such a shame, but it is what is occurring and could present another great opportunity for entry to all those enterprises with Billion Dollar war chests to diversify our of USD and enter the BTC market, as Tesla has done.
Using the 1HR Chart for some finer detail, we can see the spike up from the 30k low was a three wave movement, confirming that the trend is still down, while we can count a completed 5-wave impulse down from the point I have labeled '2', market the completion of this wave '3' with the height of the next rally '4' ... projecting a lower '5' to come.
On top of this, the bullish iH&S I noted in the last post has evaporated and been replaced by a bearish iH&S pattern that is much closer to completion, and could lend momentum the impulse toward the low at '5'.
Thirdly, the upward channel that has contained price has not been broken to the downside, projecting weakness.
Such a shame, but it is what is occurring and could present another great opportunity for entry to all those enterprises with Billion Dollar war chests to diversify our of USD and enter the BTC market, as Tesla has done.
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